The Small Business Tax Help Blog

Archive for February, 2010

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Question: How can a state on the verge of bankruptcy raise taxes?

1.Businesses have already started leaving or folding. Don’t you think to stimulate an economy we should cut taxes and make a state “business friendly?” People are, losing their homes and jobs, so who will bear this burden?

2.Wouldn’t we employ more people if we can keep businesses in our state?

3. Wouldn’t cutting even more taxes in our country stimulate even more growth and employment so that we would not have to rely on the government for health care?

4. What about privatization of services?
Yup, Wild man, you guessed it, and we are going down in flames!
Lisa: Michigan wants to tax services, LaSalle Bank and Comerica left. Small business services will really feel it. So more jobs lost!

Answer: If it's here in Massachusetts, the answer is with ease.

1. Democrats aren't concerned about reality, they'll burn that bridge when they come to it.

2. Yes, but stop thinking logically and realistically, if you are that way you must be a mean spirited Republican.

3. Democrats don't care about growing the economy, only growing the government. We will ram public health care down your throat whether it is good for you or not because it IS good for big government

4. In the liberal world, the only thing private will be the three types of restrooms, men, women, and transgendered.

Week in review

The Senate Republican Caucus has banned Sen. Pam Roach of Auburn for at least one year following an incident concerning Roach's treatment of a staff attorney. An internal investigation found the senator engaged in a personal and demeaning attack, creating a hostile work environment.

USPS to cost tax payers close to 3 billion as opposed to last year over 5 billion!

Monckton’s Melbourne meeting: a gathering of men in Richie Benaud blazers

What’s it like to attend a Lord Monckton meeting? For the cheering crowd of Old-Australia-RSL-club climate change deniers who flocked to see him, it was like a rock concert.

mission life intro

Question: SS4 form – fiscal tax year on March?

I wanna apply for for EIN for my company. If I’ll chose in SS4 closing month of calendar year 3/31, – do I must send to the IRS income tax report for few weeks!?

Answer: If your business fiscal year is from 4/1/07-3/31/08, your first required filing would be a 2007 tax return due 6/15/08.

Note that an S-Corp is required to have a 12/31 year end.

Tax time: When you can claim your 19-year-old as a dependent

Tom Cooney and Crystal Faulkner, of the accounting firm Cooney Faulkner & Stevens, answered questions during a tax chat at Cincinnati.Com, about everything from dependents to deductible fees.

DragonBall Z Budokai Tenkaichi 3 SS4 Goku vs Ape Bardock

Question: i want to start my own tax preparation business at home?

i always do me and my husband’s taxes. i worked at a place that did taxes (which i did taxes there to). i want to start doing people’s taxes in my home. how do i go about doing it. i know i should take a course first, but then what. what software do i use? can i just go to turbo tax or get another software that i can just go to from my desktop? how can i be able to try to get people’s refunds the next day or same day? that is the thing i am most confused on. please help.

Answer: To submit electronic returns to the IRS you must be an authorized ERO. Go here for information on that: http://www.irs.gov/taxpros/providers/article/0,,id=97657,00.html

You'll need professional tax software. There are any number of good packages out there, though while building your practice it would be a good idea to start with one of the ones that you rent on a per-return basis. Intuit, the folks who publish TurboTax offer several packages of varying prices and can also handle electronic submission for you as well. Google "professional tax software" for plenty of hits.

You'll need to go high-end on your computer hardware for reliability reasons. You'll need a professional backup system and should have some means of archiving your clinets' records off-site to protect against catastrophic loss. Don't even think of using the family PC for this. It needs to be dedicated hardware. I like Dell Optiplex business grade hardware, with the business versions of Windows. Home versions of Windows are not secure enough for my tastes.

A business-grade firewall for your Internet connection is essentially mandatory. I personally would go with nothing less than a Cisco ASA appliance or a Cisco 2800 series router with the Advanced IP Services IOS load. Figure $1,500 to $2,500 plus several hundred for setup and installation and $300 per year for a maintenance contract.

It's probably too late to get started on the coming tax season, especially if you need training. The ERO authorization from the IRS can take a few months with the background checks and fingerprint requirements.

To do next day refunds you MUST partner with an independent financial institution. SBBT does this for some of the national chains and small "mom & pop" tax prep operations as well. Some local banks in your area may offer similar services. Be prepared for a tough computer security audit regardless of whom you use. If that's Greek to you, bring in a computer security consultant up front.

OAK PARK & RIVER FOREST Community Calendar

Oak Leaves and Forest Leaves welcome items for the Community Calendar, as well as items for Business Briefs, Campus News, Community Briefs, School Digest and Newsmakers. Items must be received minimum of 10 days prior to publication; earlier is better.

Tax Planners of Texas - Income Tax Preparation

Question: Question about CANADA self-employment & income tax!?

I am sick of reading and going through tons of forms and websites, so if someone can give me a more realistic answer I would appreciate it.
I have just started a new job (SELF-EMPLOYED) doing translations and I will be earning about 3000 dollars a month.

Could some one tell me how much in all (maybe a percentage) of my monthly earnings I would have to pay as income tax, CPP, EI and the likes?

I live in Halifax, Nova Scotia.

Thanks!

Answer: EI - you're EI exempt since you're self employed, so you don't pay EI, nor are you entitled to claim EI.

CPP - you have to remit 9.9% of your income to the CRA for CPP. The first $3,500 of income you earn is CPP-free and everything from $3,500.01 to $44,900 is subject to the 9.9% tax

Finally income tax is remitted using the formules laid out by the CRA. Probably the easiest way to calculate it is from the CRA's calculator at http://www.cra-arc.gc.ca/eservices/tax/business/pdoc-e.html

Also you're going to have to register your self-employed business with the CRA.

Saputo Inc.: Financial Results Fiscal 2010 Third Quarter, Ended December 31, 2009

MONTREAL, QUEBEC-- - Saputo Inc. - We are presenting the results for the third quarter of fiscal 2010, which ended on December 31, 2009.

I pledge to Stephen Harper